Venezuela’s interim government has awarded a U.S.-based energy company exclusive rights to develop over a dozen major oil fields under a 100-year concession, marking a significant shift in the country’s oil sector amid political and economic upheaval. The move comes as part of broader efforts to revive Venezuela’s struggling petroleum industry, which has seen decades of decline due to sanctions, mismanagement, and underinvestment. Critics question whether such long-term contracts will benefit the nation or further entrench foreign control over its resources, while supporters argue the deal could attract much-needed capital and expertise. The decision also raises fresh concerns about transparency and the potential impact on Venezuela’s already strained fiscal situation.
Venezuela's interim president gives new US company 100-year rights to more than 17 oil fields.
